Preliminary tax

M

moneymakeover

Registered User
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Last year I made a profit on rental for first time.

This month then I need to pay preliminary tax?

There has been no notification from Revenue.

But via "MyAccount" I just go ahead and pay for tax year 2022?

I have agreed the amount with the accountant.


That's how it works?

Cheers
 
Revenue do not notify you of preliminary tax payments - they have no idea if you will owe tax for 2022 until you file a return

Yes, you will need to pay any tax due for 2021 and preliminary tax for 2022

I do not use MyAccount as I file a Form 11 on ROS but when you make a payment you indicate what it is for - preliminary, balance etc and the year. I presume it is similar on MyAccount

Do you have to register for ROS - check with your accountant
You do not need to register for self-assessment if:
  • your taxable non-PAYE income does not exceed €5,000 and your gross non-PAYE income does not exceed €30,000. That income must be coded for PAYE purposes. ’Coded’ means the income is taken into account in calculating your tax credits and standard rate cut-off point for PAYE purposes. In this case, you must submit a Form 12 online through PAYE Services in myAccount.
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The accountant does the return on Ros

I don't use it although there is no reason for me not to use it

I use My Account/my enquiries

Works okay so far

Slightly reluctant to pay a bill I didn't receive :)
 
moneymakeover said:
The accountant does the return on Ros

I don't use it although there is no reason for me not to use it

I use My Account/my enquiries

Works okay so far

Slightly reluctant to pay a bill I didn't receive :)
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That's not how tax works. If you are a chargeable person filing a form 11 then as it's a self assessed system you are in charge of knowing what you are due to pay and when.
 
Groucho said:
If you make Revenue aware of that, then I have no doubt that they'd be delighted to send you a bill! Plus, if you're really lucky, they might even offer to audit you! ;)
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For what it's worth, nobody is ever audited because they didn't pay their Preliminary Tax on time. The Revenue REAP system isn't that stupid.

I'd be far more worried about a retrospective imposition of multi-year interest where there is a pattern of no or inadequate Preliminary Tax payments.
 
relax carry on said:
That's not how tax works. If you are a chargeable person filing a form 11 then as it's a self assessed system you are in charge of knowing what you are due to pay and when.
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I don't think what I do is unusual.

I provide the numbers to the accountant and he submits them.

There's an entry on the form 11 to indicate he's my agent.

I believe that is how it works.

I could do it myself but is there a problem using an accountant?
 
Not at all - I am sure that he is delighted to have the work and the accompanying fee - which is tax deductible, of course
 
hi can someone give me advice please im receiving carers allowance i got a letter today from revenue re paye preliminary EOYS for 2019 to 2021 saying underpayment for each year then it say net preliminary position 1,809 euro i never got anything like this before does this mean i have to pay the money im only on carers allowance not working partime or anything like that is there anyone else who is on the carers allowance who had to pay tax thanks in advance
 
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